An online retailer of beauty products is reportedly on the brink of administration. Beauty Bay, which is known for selling skin care and cosmetics brands such as Clinique and Mac, reportedly filed the notice to appoint insolvency practitioners today, February 17.

Owned by Arron Gabbie and his brother David, the brand is now looking for new investors, it has been reported. The move could give the company 10 days of breathing space from creditors while they continue to seek new ownership for the business, which was founded under the name Fragrance Bay in 1999, reports Sky News.

In a statement, a spokesperson for the company told the broadcaster: "Like many other companies operating across the retail space, we've been battling hard in the face of strong headwinds over the past 12 months. Cost inflation and fragile consumer confidence have had a heavy impact on consumer spending.

"Over recent weeks, we've been working closely with our stakeholders to find a path forward, including exploring options for sale and investment, with the aim of putting in place a stable financial platform upon which we can continue to build.

"While we continue to explore the options available to us, we have today taken steps to protect the position of the business as we strive to find a way forward."

Around 65 people works for the beauty brand and according to the reports, it has sold products to 5 million people.

The Express has contacted the company for comment.